A federal bankruptcy court judge has approved a financial reorganization plan for the parent company of Kelley Transit Co. in Torrington, nearly two years after the company sought protection from its creditors.

Nason Partners, which bought the 150-year-old commuter and chartered passenger bus company in 2005, filed for Chapter 11 protection in U.S Bankruptcy Court in Bridgeport in March 2011, listing both assets and debts of between $1 million and $10 million.

Owners John and Corinne Nason cited a combination of the recession, the tightening credit market and increased fuel costs as the impetus for the filing, which allowed them to continue operating while developing the reorganization plan.

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